While consolidation is finally ramping up in the struggling U.S. oil industry, the recent string of driller mergers shows that companies carrying too much debt will likely be left behind as buyers snap up companies with cleaner balance sheets.
The Justice Department on Friday gave AT&T Inc. a green light for the $1.95 billion sale of its operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America after the telecom companies agreed to unload some of their assets to WorldNet Telecommunications Inc.
The Delaware Supreme Court on Friday ruled that Solera Holdings Inc. cannot pursue coverage from several excess insurers for tens of millions in costs it incurred in a stockholder appraisal action challenging its buyout by Vista Equity Partners, reversing a lower court and finding that the action does not qualify as a covered "securities claim."
Thanks to the COVID-19 pandemic, the holiday shopping season can no longer be counted on to stave off bankruptcy oblivion for dozens of retailers, with major merchants who haven't developed a strong online presence likely to pay the ultimate price, experts told Law360.
With so much mergers and acquisitions news this week, you may have missed multiple deals announced in the last several days helmed by firms such as Skadden and Torys. Here, Law360 recaps the ones you may have missed.
A New York bankruptcy judge Friday approved the sale of more than two dozen Kings Food and Balducci's supermarkets to grocery chain Acme Markets for $96.4 million, overriding concerns some creditors had with the purchase.
A New York bankruptcy judge approved a $2.6 billion stalking horse agreement to set a floor for the assets of auto parts maker Garrett Motion that includes a disputed $84 million in bid protections, saying the deal is needed to ensure a competitive sale and plan process.
Crowdfunding platforms Crowdcube and Seedrs asked the U.K.'s antitrust regulator to fast-track its review merger directly to an in-depth investigation as the companies push their "plan to create the world's largest private equity marketplace."
In this week's Taxation With Representation, ConocoPhillips inks a $13 billion merger with Concho Resources, Pioneer Natural Resources buys Parsley Energy for $4.5 billion, and real-estate firm Pretium acquires Front Yard for $2.4 billion.
Spanish wireless telecommunications company Cellnex Telecom has linked up with French mobile operator Iliad Group on Friday to invest €800 million (around $949 million) in a company that will operate 7,000 wireless towers in Poland, as Cellnex continues fortifying its infrastructure footprint.
The U.S. Department of Justice on Friday said Waste Management Inc. can move ahead with its re-jiggered $4.6 billion deal for collection and disposal outfit Advanced Disposal Services provided the companies shed assets in several states.
Retirement community owner McCarthy & Stone said Friday it's agreed to be acquired by a unit of Lone Star Funds in a deal that values the business at £630 million (about $822 million) and was guided by Weil and Allen & Overy.
Australian share-registry operator Link Group on Friday spurned a AU$2.76 billion ($1.96 billion) takeover bid lobbed by private equity firms Carlyle Group and Pacific Equity Partners as too low, but left the door open for continued negotiation.
A judge agreed on Friday to settle some contract disputes early in a lawsuit brought by a Spanish hotel group against Apollo Capital Management over a stalled €93 million ($110 million) resort deal, but warned that the result might mean an early demise for the hotelier's case.
U.K. competition enforcers on Thursday said that Viagogo's completed $4 billion purchase of StubHub is poised to reduce competition in the secondary ticketing market in the country and might need to be at least partially unwound.
Kirkland-guided private equity investor Oakley Capital unveiled plans to buy German pharmaceutical business WindStar Medical from a German broadcasting company's General Atlantic-backed subsidiary in a deal that values the medical device and over-the-counter drug maker at €280 million euros ($320.9 million) including debt.
The Federal Communications Commission released a report detailing the causes and the impact of a nationwide T-Mobile outage that occurred in June, along with recommendations for the mobile telecommunications provider on how to avoid such problems in the future.
Chinese ride-hailing giant Didi Chuxing could be valued at $60 billion in a 2021 IPO, mobile-gaming company Playtika hopes to raise $1 billion in its own public market debut, and Adidas intends to sell Reebok within the next six months. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.
Freshfields-advised CarLotz, a private equity-backed used vehicle retailer, has agreed to merge with Simpson Thacher-counseled blank-check company Acamar Partners Acquisition Corp. in a deal that values CarLotz at about $827 million, the companies said Thursday.
The U.S. Department of Justice and a contingent of states slapped Google with a lawsuit this week accusing the company of illegally maintaining its monopoly in several markets, but its similarity to a case against Microsoft 20 years ago raises questions about whether the DOJ can convince the court to crack down on the tech giant.
While the U.S. Department of Justice put the crosshairs squarely on Google on Tuesday, the antitrust complaint could have important implications for other tech platforms whose practices are still under the microscope of federal and state investigators.
Five issuers on Wednesday joined this year's tsunami of blank-check companies after raising a combined $1.35 billion in initial public offerings, guided by eight law firms, that could fund acquisitions in industries including the fintech, technology, health care and other sectors.
Tucker Ellis LLP announced that it has hired an attorney who guides breweries and cannabis dispensaries through state-level and federal regulatory regimes to help bolster the firm's business department in Chicago.
A group of labor union benefit funds lost their bid Wednesday to stay the order confirming biopharmaceutical firm Akorn Inc.'s Chapter 11 plan pending an appeal of a Delaware bankruptcy judge's approval of the plan.
Canadian real estate-focused Slate Asset Management, advised by Goodwin Procter LLP, said Wednesday that it has purchased two German real estate portfolios from independent sellers advised by real estate services firms Cushman & Wakefield and Jones Lang LaSalle for a total €72 million ($85.4 million).
If the U.S. Supreme Court decides to hear Deutsche Bank Trust v. Robert R. McCormick Foundation, concerning a Bankruptcy Code safe harbor provision, it would have to reconcile creditors' rights to challenge fraudulent transfers with the need for finality in securities transactions, say Justin Ellis and Lauren Dayton at MoloLamken.
Steps law firms can take to attract and keep the best lawyers amid the pandemic include diversifying expertise to meet anticipated legal demands, prioritizing firm culture, and preparing for prospective partners' pointed questions, says Brian Burlant at Major Lindsey.
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
With the recent two-year peak in software company M&A volume, buyers and sellers in this space will remain interested in getting deals done and must therefore prepare for unique legal challenges in the areas of intellectual property, employee retention and complicated capital structures, say Zachary Turke and Edward Xia at Sheppard Mullin.
Christopher Jennison shares a view of his life working from home as a Federal Aviation Administration attorney preparing to first-chair a trial while splitting child care responsibilities with his lawyer wife.
Josephine Bahn shares a view of her life working from home as an attorney at the Federal Deposit Insurance Corporation while splitting child care responsibilities with her lawyer husband.
The lack of clarity in the U.S. Small Business Administration's recent guidance on Paycheck Protection Program requirements for borrowers undergoing ownership changes is an example of how changing the pandemic relief program's rules on the fly could leave borrowers confused and potentially economically vulnerable, says Christine Price at Moritt Hock.
The U.S. Securities and Exchange Commission recently fined Marathon Petroleum subsidiary Andeavor over faulty controls related to a stock buyback program it implemented during its acquisition, highlighting important takeaways for in-house legal teams about internal procedures during preliminary merger discussions, says Ethan Klingsberg at Freshfields.
To achieve long-term reduction in their legal expenses, companies must look beyond law firm hourly rates and better distribute their legal work among high-cost premier firms, low-cost practitioners and alternative legal service providers, and their own in-house teams, says Nathan Wenzel at SimpleLegal.
To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.
It falls to senior male attorneys to recognize the crisis female attorneys face as the pandemic amplifies an already unequal system and to offer their knowledge, experience and counsel to build a better future for women in law, says James Meadows at Culhane Meadows.
As many businesses look to merge with, acquire, invest in or partner with others, acquiring companies and investors must review key employment law complexities, such as wage and hour issues and paid leave obligations, that are magnified by the pandemic and could substantially influence a target’s value, say attorneys at Greenwald Doherty.
The pandemic's disproportionate impact on women presents law firms with a unique opportunity to devise innovative policies that will address the increasing home life demands female lawyers face and help retain them long after COVID-19 is over, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.
While the European Commission now has a foreign direct investment regulation — and has attempted to explain it — key questions remain regarding how it will function in practice and how future national security and public interest reviews will be approached, say attorneys at Kirkland & Ellis.
In the latest New York tax news update, Craig Reilly at Hodgson Russ discusses President Donald Trump's ongoing tax return disclosure battle, a rebound in the state's post-COVID-19 revenue decline, noteworthy tax appeals cases involving Disney and Mars, and recent guidance on corporate tax reform.